Ann: Investor Presentation - Equity Raising & Growth Strategy, page-5

As a shareholder assuming only the best will happen i'd like to have thought that they would have raised small here just to cover the option price.

However being realistic, good management needs to do more than be blindly optimistic and I think this move, even though hard to swallow on one front is prudent and well timed. It seems like management now knows how to execute a capital raising compared to the past catastrophes.

The timing was right on several fronts:

1) put a foot on a potentially valuable asset

2) take advantage of the run up to production , attractive entry price for investors, and yet the highest prices we've seen for years to complete a substantial placement that;

1) provides a prudent balance sheet shore-up just in case there are any surprises arising from commissioning or future sanctions from China conflict etc... We'd all be howling if they needed to do a raise at 25c

2) it gives institutions an entry point and will hopefully change the daily volume profile of the stock encouraging new money that was previously unable to justify entry to come in. This ultimately will push the price higher.

3) it takes the need for any future raises off the table, nice and clean. I can just imagine watching a stagnating share price for another 12 months even when production has started, on the basis that the stock is cum raise, no thanks.

4) starts a diversification strategy rather than having SFX just receive a passive dividend. Bruce has the perfect skill set to allow SFX to take advantage of opportunities.

All that is needed from here is a bit of positive news flow and we'll be on our way, the runway over the next month's in theory will provide opportunity for such newsflow.

All in all, even though we could argue it's dilutive at the outset, I feel it will aid in driving the SP higher rather than lower, and it's prudent.

Let's not lose sight of the fact that the market cap is still very attractive compared to the NPV of TB let alone any future additions to NPV from the new project.

i too think Bruce is a straight shooter and ultimately surrender to the fact that from his view point he knows better than us guys on this end.